ACL International Ltd. South Block A PSC 4 Year Extension

Calgary, Alberta (FSCwire) - ACL International Ltd. (ACL:TSX-V) (“ACL or the Company”) is pleased to announce that the Indonesian regulatory authority BPMA has granted an additional 4-year extension to the exploration term for South Block A.  ACL’s subsidiary Renco Elang Energy (“REE”) is the operator of (“SBA”). 

The extension is effective as of January 19, 2017 and was granted following the drilling of the Amanah Timur-1 discovery well.  This completed the work commitments for the block.  Following the extension, REE is reviewing results from the discovery to identify commercialization options and work towards filing a Plan of Development for approval by the regulatory authority.  The remaining area of the SBA PSC is now 421 km².  REE has selected the remaining area to ensure remaining acreage contains previously identified prospects and leads.

The work program for the new extension is comprised of 50 km² of 3D seismic and drilling of 3 wells.  After 2 years, the regulator will review progress on the block.  During that time the work commitment requires REE and its partner to either complete the work program or submit a Plan of Development.  Failure to meet either target may result in expiry of the PSC, without financial penalty.

About ACL International Ltd.

ACL’s two Indonesian oil and gas assets are: (a) 50% net working interest in Langsa TAC, an offshore field with gross production of 870 bopd; and (b) through its subsidiary REE, a 44.48% net working interest in SBA, an onshore block located in the North Sumatra Basin, which is one of the most productive hydrocarbon regions in Indonesia with over 80 known oil and gas fields.  ACL’s subsidiary Renco Elang Energy Pte. Ltd. (“REE”) is the operator of SBA.

FOR FURTHER INFORMATION, PLEASE CONTACT:

ACL International Ltd.

Mohammad (Mo) Fazil, President and CEO

Telephone: +1 (403) 613-7310

Statements in this press release may contain forward-looking information including, operating costs, administrative costs, acquisitions and dispositions, capital spending, access to credit facilities, income taxes, regulatory changes, and other components of cash flow and earnings. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expects” and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, because of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of ACL. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release are made as of the date of this press release, and ACL does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.

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